Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Ed Cage

THIS JUST IN:

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"Bear Stearns Lays off 240 Mortgage Workers including 100 at Encore

 

Bear Stearns a top Wall Street player in the nonprime mortgage market, laid off 240 employees in its residential home loans group on Thursday, including 100 at Encore Credit, its California-based wholesale division."

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Encore Credit announced that henceforth they will operate as Bear Stearns Residential Mortgage Corporation. Additionally expect a formal announcement in the near future officially revealing a secret that insiders have known for a while: The defunct EMC corporate hull which faces a historic amount of litigation including 7 to 9 class action lawsuits due in large part to mortgage fraud will also make it official as Encore did that they are "becoming Bear Stearns Residential."  A primary function of Bear in both the Encore and EMC failures will be to use the Gestapo type collection methods they are famous for to collect Encore and EMC debts and cheat their customers.  Conversely look for Bear Stearns to employ the very same lies and deception that have become a Bear trademark to stave off armies of new lawyers and litigation by angry investors, stockholders, and borrowers who have been victims of criminal white collar fraud.

     AMC and Ameriquest (James Brantley) also both defunct,  have used the same methodology:

 

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          Change the name and continue

                  the criminal fraud.  

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Citi Residential incredibly hired arch mortgage fraud criminal James Brantley to take up where he left off at Ameriquest/AMC which both collapsed due in no small part to Brantley's crimes. Brantley is second in notoriety only to Bear Stearns top criminal charlatan, Greg Fedler whom Bear refers to as their "Customer Advocate."  

 

Submitted by Ed Cage

1804 Cross Bend, Plano Texas 75023

972-596-4363

ecagetx@tx.rr.com

Bear Stearns stock continues to plummet.

 
 

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Ed Cage
Cesar wrote:
"My original loan was with AMC and it was also sold to EMC. I have made all my payments on time and recently I have been going through a hardship. I called EMC to see if I could defer a payment so I can catch up with all my expenses. The were very harsh and cruel. I was told that that is not thier problem and that deferals are only concidered when a person is already past due. So, this makes me feel that they encurage people to fall behind and ruin thier credit and steal thier homes."
That's exactly right Cesar. That dubious Bear Stearns/EMC goal is achieved primarily by inflated, inaccurate and *illegal* "suspense" charges and reversals. Have Bear Stearns/EMC send you a full accounting of all your "suspense account" credits, reversals and balances. Their first response will be to instead send you a payment history which will not help you in that area. Your second request needs to be via *Certified* letter requesting all suspense account data. Copy your letter to the Attorney General of both Texas and your state as well.

Greg Fedler of Bear Stearns who is taking over for the defunct EMC (R.I.P.) is the most dishonest and evasive person I personally have ever encountered.

Ed Cage
Plano Texas

972-596-4363
ecagetx@tx.rr.com

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Ed,
We don't need to be copying and posting messages from other forums here.
http://www.topix.com/forum/us/T7SD7L4F9H534BHNV/p49
There are enough people here right now desparately seeking help and information.  The only thing you accomplish is making it harder for these people to find what they need with each of your repetitive posts pushing valuable and timely information further down on the forum board and out of their view.
By now everyone here knows exactly what your thoughts are on Bear Stearns, EMC Mortgage Corp, Greg Fedler of Bear Stearns, Ameriquest, James Brantley and others.  Your continuous hateful rant does nothing to help anyone.  There are many here who have also been damaged by the objects of your venomous spew but we know that our purpose here is to share information, experiences and to help each other where we can. 
I would also ask you to take some time and read recent postings as much of what you post under THIS JUST IN: is old news that we've shared and discussed before.  Again, your doing this only pushes more relevant information urgently needed by mortgage servicing fraud victims further from view. 
Ed, I do appreciate your strong sentiment but once around is enough if you truly want to make a contribution here.   


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Ed Cage

SEC Ordered Bear Stearns to Pay $250 Million in Fraud and Disgorgement Penalties in 2006

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“Washington, D.C., March 16, 2006 - The Securities and Exchange Commission today announced a settled enforcement action against Bear, Stearns & Co., Inc. (BS&Co.) and Bear, Stearns Securities Corp. (BSSC) (collectively, Bear Stearns), charging Bear Stearns with securities fraud for facilitating unlawful late trading and deceptive market timing of mutual funds by its customers and customers of its introducing brokers. The Commission issued an Order finding that from 1999 through September 2003, Bear Stearns provided technology, advice and deceptive devices that enabled its market timing customers and introducing brokers to late trade and to evade detection by mutual funds.

 

Pursuant to the Order, Bear Stearns will pay $250 million, consisting of $160 million in disgorgement and a $90 million penalty. The money will be paid into a Fair Fund to be distributed to the harmed mutual funds and mutual fund shareholders. Bear Stearns will also undertake significant reforms to improve its compliance structure. Simultaneously, NYSE Regulation, Inc. censured and fined Bear Stearns, and imposed compliance with these undertakings. The fine imposed by the NYSE will be deemed satisfied by the payment of the $250 million pursuant to the Commission's Order.

 

Linda Chatman Thomsen, SEC Enforcement Division Director, said, "For years, Bear Stearns helped favored hedge fund customers evade the systems and rules designed to protect long-term mutual fund investors from the harm of market timing and late trading. As a result, market timers profited while long term investors lost. This settlement will not only deprive Bear Stearns of the gains it reaped by its conduct, but also require Bear Stearns to put in place procedures to prevent similar misconduct from recurring."

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Submitted by

Ed Cage

1804 Cross Bend, Plano Texas 75023

972-596-4363

ecagetx@tx.rr.com

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